“They didn’t fit ideally with our philosophy and our plans moving forward,” says MedThink president Scott Goudy. He reports the agency spent the year attempting to find more like-minded partners and, ultimately, reeled in five new ones.
John Kane, the firm’s managing director, similarly emphasized the need for better client-agency chemistry. “Sometimes it comes down to the type of work we’re doing,” he explains. “As in any relationship, there are expectations. Sometimes you’re in sync, and sometimes you’re not. We want to make sure there’s mutual satisfaction. We’re looking for long-term engagements.”
Armed with this new way of thinking, MedThink developed a list of another 20 firms the agency plans to solicit for new business. Last year, then, was largely about teeing up for a more growth-oriented 2018, according to Kane. “It was about optimizing our client mix and making sure our efforts were fruitful and focused on the right clients,” he says. “It was about getting the right growth and talent.”
That growth was more incremental. “We did land a bunch of new clients in Q4 2017,” Kane continues. “We attracted a lot of great talent, which was part of our plan. We’re a disciplined organization.”
Revenue remained flat at $12.5 million during 2017, according to MM&M estimates (the agency’s 2016 revenue was re-estimated). The agency grew its staff size by five, bringing the total sum at the end of 2017 to 78.
MedThink is known to work with BioDelivery Sciences (on pain drug Belbuca) and Arbor Pharmaceuticals (on ear infection drug Otovel), as well as in the cardiopulmonary, pediatric disease, metabolic disorder, and rare disease spaces.
Expect MedThink to continue to lean on its collaborative culture as a major selling point for would-be members of its staff. “It takes a little longer to get hired at MedThink, but there’s a real chemistry,” Kane explains. “It’s a flat organization and we’re a lean team. Everyone plays a significant role. You’re not a number. People want to be part of an organization such as that.”